Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
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- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
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- Price to Book Value (P/BV) since 2005
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Liquidity Ratios (Summary)
Eli Lilly & Co., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Current Ratio
- The current ratio has exhibited fluctuations over the observed periods, starting at 1.11 in March 2020 and generally increasing until reaching a peak near 1.42 in March 2021. Subsequently, the ratio demonstrated variability but largely remained above 1.0, with some quarters dipping slightly below 1.1, such as in December 2023 (0.94). Toward the end of the data series, the current ratio improved again, reaching 1.37 in March 2025. This suggests that the company maintained a reasonable level of short-term liquidity throughout the periods, with some variation likely attributable to changing current asset and liability balances.
- Quick Ratio
- The quick ratio, which excludes inventory from current assets, followed a somewhat similar pattern with lower absolute values, as would be expected. Beginning at 0.64 in March 2020, it rose gradually to peak around 0.85 by December 2020. After this, the ratio displayed a downward trend, particularly notable from mid-2022 through late 2023, where it declined from 0.67 to 0.52. Some recovery was seen toward early 2024, yet the quick ratio remained below 0.6 in several subsequent quarters. This indicates a tightening in the company’s near-term liquidity when considering only the most liquid assets, possibly reflecting increased liabilities or decreased quick assets over these periods.
- Cash Ratio
- The cash ratio, which measures the most conservative liquidity position by focusing solely on cash and cash equivalents, started low at 0.14 in March 2020 but increased to a higher level of 0.3 by September 2020. Following this peak, the cash ratio generally trended downward, with some minor fluctuations, reaching low points near 0.11 by late 2023 and continuing around 0.11 to 0.14 thereafter. This steady decline points to a reduction in cash reserves compared to current liabilities, highlighting a more conservative liquidity margin shrinking over time. This trend may indicate a strategy of deploying cash into other assets or operations, or an increase in short-term obligations that outpaced cash growth.
Current Ratio
Eli Lilly & Co., current ratio calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Current assets | ||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Current ratio1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Current Assets
- Current assets exhibit an overall upward trend from March 2020 through March 2025. Initial values near 14 billion USD increase gradually with fluctuations, reaching over 25 billion USD by the end of 2023. The growth continues robustly into 2024 and 2025, culminating in a peak of approximately 41 billion USD by the first quarter of 2025. Despite some intermediate fluctuations, the general trajectory points to expanding liquidity and asset base over the analyzed periods.
- Current Liabilities
- Current liabilities show a more volatile pattern in comparison to current assets. Starting around 12.6 billion USD in early 2020, there are several periods of significant increase and decrease. Notably, liabilities peak multiple times, for example, surpassing 27 billion USD by the end of 2023 and again in late 2024 and early 2025. The upward spikes suggest episodes of elevated short-term obligations. However, decreases following these peaks indicate some liability management or settlement occurring periodically.
- Current Ratio
- The current ratio fluctuates throughout the timeframe, indicating varying levels of short-term liquidity. The ratio generally stays above 1, implying that current assets consistently exceed current liabilities, except for a brief dip below 1 in December 2023. Early in the timeline, it rises from 1.11 to a high near 1.42 in early 2021, followed by declines to around 1.05 and occasional recoveries. By the end of the series, the ratio recovers to approximately 1.37, suggesting an improvement in the company’s liquidity position compared to prior lows. Variability in the ratio points to periods of tightening and easing liquidity conditions.
- Overall Analysis
- The data indicates a strengthening asset position with current assets increasing substantially over the period. Liabilities are more inconsistent but generally trend upward with some volatility. Despite these fluctuations, the current ratio maintains a level above 1 for most periods, indicating that the company’s short-term obligations are typically covered by current assets. The temporary liquidity dips, such as in late 2023, suggest periods of tighter working capital management or increased short-term burden that are subsequently addressed. The increasingly higher current asset base toward the end of the period, coupled with a rebound in the current ratio, indicates improving financial flexibility and capacity to meet short-term liabilities.
Quick Ratio
Eli Lilly & Co., quick ratio calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||||||
| Short-term investments | ||||||||||||||||||||||||||||
| Accounts receivable, net of allowances | ||||||||||||||||||||||||||||
| Other receivables | ||||||||||||||||||||||||||||
| Total quick assets | ||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Quick ratio1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets demonstrate a generally upward trend over the period examined. Starting at approximately 8.13 billion US dollars in March 2020, these assets increased gradually to surpass 12.64 billion US dollars by March 2023. There is notable growth observed particularly between March 2023 and December 2023, reaching a peak of around 14.26 billion US dollars in December 2023. After this peak, values fluctuate but remain relatively high, with a slight decline and another increase, culminating at around 17.22 billion US dollars by March 2025. This indicates an overall strengthening of liquid assets available during this timeframe.
- Current Liabilities
- Current liabilities display a more volatile and generally increasing pattern. Beginning at about 12.61 billion US dollars in March 2020, the liabilities fluctuate but trend upward sharply from mid-2021 onward. There are significant spikes in June 2023 and December 2023, reaching highs above 27 billion US dollars, continuing to rise until the last reported quarter ending March 2025 at approximately 30.07 billion US dollars. The increase in liabilities outpaces the growth in quick assets, indicating growing short-term obligations.
- Quick Ratio
- The quick ratio, which measures the company's short-term liquidity by comparing its quick assets to current liabilities, shows a declining tendency over the period. Initially, the ratio improved from 0.64 in March 2020 to a high of 0.85 in December 2020, suggesting enhanced liquidity during that year. However, from early 2021 onwards, the quick ratio fluctuated mostly below 0.8, with a downward trend more pronounced after March 2023. By March 2025, the ratio had diminished to 0.57, indicating a relative decrease in liquid asset coverage against short-term liabilities. This decline suggests a potential reduction in liquidity cushion, despite the increase in quick assets, driven by the more rapid rise in current liabilities.
- Overall Analysis
- The analysis of the data suggests that while liquid assets have generally increased over the observed period, current liabilities have grown at a faster rate, resulting in a declining quick ratio. This trend points to a potential tightening of short-term liquidity, meaning the company may face increasing pressure to meet its short-term obligations with available liquid assets. The fluctuations in quick assets and liabilities underscore the dynamic nature of the company's working capital management. Maintaining or improving the quick ratio should be a focus to ensure sustained liquidity and financial stability.
Cash Ratio
Eli Lilly & Co., cash ratio calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||||||
| Short-term investments | ||||||||||||||||||||||||||||
| Total cash assets | ||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Cash ratio1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Cash Assets
- The total cash assets display a fluctuating trend throughout the period. Starting at approximately 1.78 billion USD in March 2020, there was a substantial increase, peaking near 3.68 billion USD by the end of 2020. Following this, the cash assets showed volatility with several rises and declines between 2.2 billion and 3.9 billion USD. Notably, there was a decline around late 2022, followed by a recovery and another trough towards early 2025, closing near 3.22 billion USD. Overall, the cash assets do not show a consistent upward or downward trend but emphasize short-term liquidity management adjustments.
- Current Liabilities
- Current liabilities begin at 12.6 billion USD in March 2020 and exhibit a generally increasing trajectory over the observed periods. There are marked increases in several quarters, such as mid-2021 and from late 2022 to early 2025, where liabilities rose significantly, reaching approximately 30.1 billion USD by March 2025. Some quarters reveal sharp jumps, indicating possible increases in short-term obligations or accrued expenses. The overall trend suggests a growing reliance on or accumulation of current liabilities over the analyzed timeframe.
- Cash Ratio
- The cash ratio, representing liquidity coverage of current liabilities by cash assets, manifests a relatively low and somewhat volatile pattern. Starting at 0.14 in March 2020, it improved to peak at 0.3 by September 2020, indicating heightened liquidity during that period. However, after this peak, the ratio generally decreased, fluctuating mostly in the 0.1 to 0.2 range and trending downward towards the end of the series, falling to about 0.11 by March 2025. This decline in the cash ratio amidst growing current liabilities indicates a reduced ability to cover short-term liabilities solely with cash, highlighting potential liquidity pressures.